The British Columbia Property Tax Deferment Program is a loan program that allows you to defer your annual property taxes on your home if you meet certain eligibility criteria.
To qualify for the Property Tax Deferment Program, you must:
be the registered owner(s) of the home
be 55 years of age or older OR a surviving spouse OR a person with disabilities as defined in the Regulations to the Land Tax Deferment Act
be a Canadian citizen or permanent resident under the Immigration Act (Canada)
have lived in British Columbia for at least one year immediately prior to applying
apply on the home in which you live
have a minimum equity of 25% in your home, based on assessed values as determined by BC Assessment
have a current fire insurance policy on your home
After deducting your Home Owner Grant, you can apply to defer all or part of the unpaid balance of your residential property taxes for the current year.
All prior year taxes and current year penalties must be paid before a deferment application can be made.
For more information, visit this website or contact the Finance Department at 250-414-7107.